These are the procedures that you need to follow for the release of your approved Pag-IBIG Housing Loan.
Once you receive a phone call from Pag-IBIG Fund about your house loan application, head to the Pag-IBIG NCR/regional branch, where you will receive either a Notice of Approval (NOA) or a Notice of Disapproval (NOD). If you get an NOA, sign the “Conforme” portion, as well as a Letter of Guaranty or LOG (for all loans except construction of house and home improvement), a Disclosure Statement on Loan Transaction (DSLT), a Loan and Mortgage Agreement (LMA) and a promissory note (PN). Have the LMA and the PN notarized, and be sure to complete the requirements indicated in the NOA. Remember that these requirements have to be submitted within 3 months after receiving the LOG or NOA.
These are the required documents for releasing your loan:
From the borrower:
1. TCT/CCT in the borrower’s name (should have Pag-IBIG Fund mortgage annotation) as owner’s copy
2. Certified true copy of number 1 for the Registry of Deeds (RD)
3. A photocopy of the new tax declaration of the borrower, and an updated real estate tax receipt
4. A Collection Servicing Agreement with Authority to Deduct or Post-Dated Checks (PDCs), if they are applicable
5. Proof of billing address
1. Notarized LMA with the original RD stamp
2. Notarized PM
Additional requirements (depending on loan purpose):
1. Occupancy permit if purchasing a new residential unit, purchasing a lot for house construction, constructing a house and improving an existing residential property
2. Building plans/electrical/sanitary permits approved by building officials for house construction, home improvement or purchase of lot for house construction
3. Deed of Absolute Sale (DOAS) with original RD stamp for purchase of lot, purchase of lot for house construction and for purchase of residential unit
When you have completed the requirements of the NOA, submit them to the Pag-IBIG NCR/regional branch. Once your requirements have been evaluated and cleared, and your check has been processed, you will receive a call regarding the availability of your check. Go to the Pag-IBIG office and present two valid IDs to receive your check.
Housing loan amortization payment
Thru post-dated checks
1. Issue 12 PDCs that will cover the entire year.
2. Claim the acknowledgement receipt (AR) and the notice of installment/amortization.
Thru salary deduction
1. Present the Authority to Deduct received by the Billing and Collection Department (for NCR) or the Loans and Contribution Management and Recovery Division (for regional branch).
2. Claim the notice of installment/amortization.
Jillian Cariola, Writer
(cover image by a_kartha)